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Qatar Development Bank (QDB) and Qatar Islamic Bank (QIB) have entered into a new Al Dhameen Portfolio programme, enabling further expansion of small and medium enterprises (SME) financing in the country.
The agreement was signed by QDB chief executive Abdulaziz bin Nasser al-Khalifa and QIB chief executive Bassel Gamal. QIB was represented by Tarek Fawzi, general manager (Wholesale Banking Group); Mazen al-Thalathini assistant general manager (Corporate Banking) and Basem Shahrouri (Head of Business Banking Division). With a QR100mn portfolio, the new product “Al Dhameen portfolio” aims at facilitating and speeding up the approvals to guarantee the value of the funding provided by the partner bank to SMEs lacking sufficient guarantees.
QDB has prepared a special portfolio guide – which describes the terms, conditions, and highest international standards, due diligence, credit monitoring, applications and guidelines development - to help QIB take the necessary decisions without referring to QDB.
“Al Dhameen primarily aims at facilitating the financing procedures to some of the most important sectors such as industry, education, healthcare, and added-value services. It is mainly targeting companies and start-ups, and we are delighted with this partnership with QIB, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and build a knowledge-based economy,” al-Khalifa said.
Al Dhameen has contributed to an ever-evolving Qatari private sector, with a record QR846mn in guarantees to over 348 SMEs, since its initiation in 2010. Over QR569mn has been cashed already.
“This agreement underscores QIB’s commitment towards supporting the country’s economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of the Qatar National Vision 2030. It enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans,” according to Gamal.
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